Minnesotans Save Nearly $50M on Health Insurance Premiums in 2015

ST. PAUL, Minn.-Today, MNsure announced Minnesotans enrolled in qualified health plans through the state marketplace saved an estimated $48,306,315 in health insurance premiums in 2015. The savings comes from federal advanced premium tax credits (APTC), available only through MNsure. The 2015 total reflects a more than 50 percent increase compared to the total amount saved in 2014.

"This is real money for Minnesota families, and for months we've been saying that MNsure is the only place to take advantage of these federal tax credits. Today we're really able to show just how much Minnesotans are saving," said CEO Allison O'Toole. "These tax credits act like instant discounts off monthly health insurance premiums, and it's not too late to take advantage of these credits for 2016. Minnesotans have until January 31 to enroll."

On average, about 55 percent of people who enrolled in a qualified health plan through MNsure in 2015 received an APTC. In 2014, Minnesotans saved $30,958,985 and about 40 percent of qualified health plan enrollees received the credit.

An individual earning up to $47,080/year, or a family of four earning up to $97,000/year would likely qualify for some form of financial help. MNsure's broker and navigator partners see firsthand how APTC can make a big financial impact. Likewise, consumers are feeling the relief.

"We are seeing people from all walks of life in many different situations get financial assistance with their premiums through MNsure," said Chuck Moline, broker at AdvisorNet Financial in Austin, a MNsure broker enrollment center. "Our team has been of assistance to more people than last year, and we look forward to continuing this work through January 31."

"My husband and I lost our employer health insurance this year," said Domina Kagaruki of Brooklyn Park. "If it hadn't been for MNsure and our eligibility for a tax credit, we wouldn't have been able to afford new insurance ourselves. We now have great, affordable insurance for 2016."

"If your income or your family's income falls within that threshold, and you don't get health insurance through an employer, you are literally leaving money on the table if you purchase health insurance anywhere else," said O'Toole.

2015 APTC information is based off effectuated data reported to MNsure by each of the five health insurance carriers that offered health insurance plans in 2014: Blue Cross and Blue Shield of Minnesota, HealthPartners, UCare, Medica and Blue Plus. Final 2015 APTC amounts will be available in January.

The 2016 open enrollment period began November 1, 2015, and will end on January 31, 2016. Small group employers and Minnesotans eligible for Medical Assistance or MinnesotaCare can enroll year round. As of May 2014, 95 percent of Minnesotans have health coverage-the highest percentage in state history.